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Riyadh: OPEC+ announced its decision to increase oil production by 188,000 barrels per day starting June, as part of its commitment to supporting stability in the oil market.
Comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, the organization said that it held a virtual meeting on Sunday to review developments in the petroleum market and its future outlook, the organization's statement said.
It added that member states will continue to closely monitor and assess market conditions, stressing the importance of adopting a cautious approach and maintaining full flexibility, one which would allow for increases, pauses, or reversals in the gradual unwinding of voluntary production adjustments, including reversing the previous voluntary adjustments announced in November 2023.
OPEC+ member states also noted that they will hold monthly meetings to monitor market developments, compliance levels, and the implementation of compensation plans, with the next meeting scheduled for June.
